The Canada Education Savings Grant (CESG) is another way the Government of Canada provides money for your child's education after high school. When you put money into an RESP, the Government adds more to help your child's savings grow faster.
Everyone can get Canada Education Savings Grants, but how much the Government adds depends on your family's net income after taxes. When you contribute to your child's RESP, the Government will add:
40% more: If your income is less than $45,282
30% more: If your income is between $45,283 - $90,563
20% more: If your income is more than $90,564
Up to a lifetime maximum of $7,200 per child.
You must contribute money into an RESP to get a matching grant from the Government. You and your child both need to have a Social Insurance Number to register an education savings plan.
The Canada Education Savings Grant can only be used for post-secondary education. Your child must USE IT OR LOSE IT! If your child does not continue education after high school, the Government will take back the money they've given you in grants.